The above video comes from the new research and development site of Star Ocean developer tri-Ace. The clip is called "tri-Ace Technical Demo Trailer 2011," but it looks like a good opening to a Star Ocean game to me. It even features a score from Star Ocean series composer, Motoi Sakuraba.
This is a video showing 'Physically Based Rendering version 0.1,' and they say it is not related to their developing titles at all. Damn. The important thing is that this demo is running in real time on Xbox 360 and PS3 hardware in 720p. Real-time lighting and shadows, shading and illumination, and all that crap. To me this says that the next Xbox 360/PS3 tri-Ace game could look like this. That would be great!